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Holding Post-Payrolls Trimming To Three Cuts To Year-End With Bullard Remarks

STIR FUTURES
  • Fed Funds implied rates are holding close to earlier highs post-payrolls with Bullard supporting them.
  • Now showing zero cuts for the June FOMC (+3.5bp on the day), 10bp of cuts to 4.98% July (+7bp), 26bp of cuts to 4.82% Sep (+11bp) and building to a cumulative 75bp of cuts to 4.33% Dec (+15bp), with the latter from 85bps pre-payrolls.

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